Buyer Readiness Assessment Please enable JavaScript in your browser to complete this form.Please enable JavaScript in your browser to complete this form. – Step 1 of 2Name *FirstLastFor detailed explanation of the questions Consult “The Goldmine on the Corner: Seven Steps to Buying a Small Business and Getting it Right Your First Time” (available on this site if you do not have it already) Email *1. Your family understands and fully supports the TIME commitments you will need to make *Completely 100% true: they have signed the page in the book/workbookI told them about it and I am sure they will support it once they get used to itI haven’t told them about it, but they are going to have to get used to itI’ve told them and they understand the opportunity but they are very anxious and somewhat opposed Captcha are What 2. Your family understands and fully supports the FINANCIAL commitments you will need to make *Completely 100% true: they have signed the page in the book/workbookI told them about it and I am sure they will support it once they get used to itI haven’t told them about it, but they are going to have to get used to itI’ve told them and they understand the opportunity but they are very anxious and somewhat opposed3. You can write (or get someone to write) a cashier's check for $20,000 in the next 72 hours *True, I have immediate accessI have a relative or someone who has promised to back meI have a great credit score and a good job so I can borrow the earnest money and pay it offI’m going to buy a business with nothing downIf you can’t put up the earnest money deposit, you won’t be able to afford to full down-payment in 60 days, and you shouldn’t be wasting the seller’s’ time4. In addition to the earnest money, you have liquid assets you can turn into cash within 60 days *Over $75,000Over $50,000Over $20,000I’m going to buy a business with nothing down and it will fund itself with its cash flowAfter you have bought the business, you will need working capital to cover unexpected costs or dry spells5. How many years of successful experience do you have as direct supervisor of other people? *Over 53-51-2None so farYour people ARE your business, and in a small business, much of your time will be spent managing them. The more experience you have doing that, the better you get.6. How many years of successful experience do you have managing through others (vs. supervising)? *Over 53-51-2None so farIf the business is going to operate without your constant presence, you need to be able to lead through others. That’s a very different skill from direct supervision.7. Be honest with yourself: how will the business deliver effectively for the customer? *Usually I don’t have time to show someone; it’s faster and better if I just do it myselfThe work we do requires skills that most employees don’t have. Customers expect and deserve my level of expertise.I put processes in place so everyone knows what they need to do and only come to me with major exceptionsI am counting on delegating! I want to be an absentee owner and make passive income8. To what degree do your hobbies or personal interests align with the type of business you are thinking of buying? *I would do this kind of work myself for free if I wasn’t getting paid for itI’ve fiddled with this kind of thing for fun but am by no means an expertI’m in it to make money. I have or will hire capable staff to do the work.They have nothing to do with each other. Your private life needs to be kept separate from your work or it will drive you nuts.9. Be ruthless with this one: are you a people person or more of a loner? *I enjoy interacting with other people and get bored very easily if I have nothing specific to doI am sociable but I also need time to get on with my work or personal stuffYou can’t run a business or sell anything without other people, so it’s just part of the job. You do what you have to do.I’m an expert in my field or a master craftsman. I do great work and people come to me when they want things done right.10. What experience do you have with selling anything? *I have sold products or services to paying customers for over 3 years.I have sold products or services to paying customers randomly as part of my other work, but with some successI have never sold formally, but I know it is important and I am willing to give it a trySelling is sleazy. I will hire someone to make up lies so I don’t have to do it.This doesn’t have to be in a business setting, and does not have to carry a “salesperson” title. It could even be non-profit, such as raising funds for a local charity. BUT having your mom sell scout cookies for you doesn’t count!11. Are you comfortable speaking to groups and being recognized in public? *Don’t get between me and the camera if you don’t want to be trampledI have made many presentations, webinars, podcasts, etc., and am quite comfortableI don’t like to show off in front of others, but I can give a talk when necessaryThe idea of public speaking makes me break out in a nervous sweatCustom Captcha * = Submit AnswersBuyer Readiness AssessmentPreviousSend Results to Email
